As long as BTC holds $86K, a rise to $92K is in play
Mainstream data observations
BTC key liquidation levels: Long positions at $86,087, with a potential liquidation volume of $479 million; Short positions at $87,797, with a potential liquidation volume of $134 million.
Current BTC price: $87,486. Long positions are currently in a safe zone. However, with liquidation exposure reaching $479M, a price drop toward $86,087 could trigger large-scale liquidations, potentially causing significant market volatility. In contrast, short positions are slightly above the current price and represent a relatively smaller risk. If a downward trend emerges, long holders should consider setting stop-loss orders to prevent cascading liquidations.
ETH key liquidation levels: Long positions at $1,995.4 totaling $119 million; Short positions at $2,039.4 totaling $107 million.
Current ETH price: $2,029.76. Short positions are in a high-risk zone. Traders with short exposure should consider reducing or closing positions to lock in gains and avoid liquidation risk from further price increases.
Total stablecoin market cap: $238.4BThe market cap has seen a modest increase of +0.3%. While stablecoin supply continues to grow, the pace is slow, suggesting capital is flowing into the market but not in volumes sufficient to generate strong buying pressure.
BTC dominance: 60.53% TOTAL 3 dominance: 31.69%This reflects the market’s strong confidence in BTC, while most altcoins remain underperforming and lack broad investor recognition.
Current miner breakeven price: $53,279Most miners have breakeven prices well below the current BTC price. As such, there is minimal risk of miner-induced sell pressure in the short term.
BTC spot outflows today: $224 millionThis suggests some investors are expressing caution toward BTC’s short-term outlook by pulling funds off exchanges to manage risk. Long-term investors may choose to hold or consider accumulating during price pullbacks.
Market overview
BTC dropped to a low of $85,816 before rebounding to around $87,400. On the 4-hour chart, BTC's highs are gradually decreasing, which is a bearish signal in the short term. To reverse this downtrend, BTC needs to break above and hold $88,000. From a medium- to long-term perspective, BTC is still in a bullish trend in the 4-hour timeframe. As long as it doesn’t break below $86,000, it's worth patiently waiting for a potential breakout toward $92,000.
Macroeconomic overview
Donald Trump is planning to impose a 25% tariff on imported cars. The Nasdaq Index showed weakness, closing down 2%. The impact of car tariffs may not be limited to the automotive sector but could also spill over into related industries such as semiconductors and manufacturing. Selling pressure in tech stocks further intensified the market correction, which in turn affected BTC's price — briefly dropping below $86,000. However, BTC quickly rebounded, indicating that it has become partially desensitized from the Nasdaq’s movements at this stage.
Legal and regulatory developments:
The US Senate has voted to repeal a controversial crypto tax rule, and Trump is expected to sign it into law. The rule in question, known as the “DeFi Broker Rule,” was introduced by the IRS during the final months of the Biden administration in December 2024. It sought to expand the definition of “broker” to include entities facilitating digital asset transactions — such as decentralized exchanges (DEXs) and DeFi platforms — requiring them to collect and report detailed user transaction data to the IRS, similar to traditional securities brokers.
The repeal of this rule is seen as a major victory for the crypto industry and could foster innovation within the DeFi space. However, it has also sparked controversy. Supporters argue that the repeal protects US innovation, while critics worry it may enable tax evasion and reduce government revenue. In the long run, the repeal is expected to ensure continued innovation and development in DeFi projects.
Sonic ecosystem growth continues:
According to data from Nansen, the daily number of deployments on @SonicLabs has been increasing over the past two days. This growth is driven by the launch of FeeM in March, which allows developers to earn 90% of the network fees generated by their applications — a strong incentive for project deployment. Currently, the leading projects by transaction volume within the ecosystem are Shadow, Sacra, MEV, and SpiritSwap.
Key events
- AI-driven investment firm ai16z founder Shaw has changed his profile picture to a Ghibli-themed avatar.
- Aptos ecosystem's liquid staking protocol Amnis Finance, has launched its AMI airdrop claim, announced the token CA, and is the first TGE project of the Aptos LFM program, with the TGE now live.
- Grayscale has updated its top 20 asset list, with new additions this quarter: Maple Finance (SYRUP), Geodnet (GEOD), and Story Protocol (IP).
- Sui's ecological liquidity pledge agreement Haedal Protocol has announced that it will conduct a TGE in April, with the token name being HAEDAL.
- AI chatbot Grok is available on Telegram.
- Web3 network security company GoPlus has executed the first batch of buybacks, with over 34 million GPS tokens repurchased.
- Asset management firm Fidelity is moving forward with issuing a stablecoin, currently in the late testing phase.
- Ethereum's first SVM L2 network Eclipse, has set its token code to ES, with the TGE planned for the next few weeks.
Hot projects
Exchange updates
- WOO X has launched the "My WOO" program, offering users different levels of discounted trading fees and free withdrawals based on WOO token holdings.
- Hyperliquid has delisted JELLYJELLY/USDT perpetual contracts due to whale manipulation after launching on Binance and OKX.
- US electronic securities trading firm Interactive Brokers adds support for Solana (SOL), Cardano (ADA), Ripple (XRP), and Dogecoin (DOGE) trading services.
- Binance Square's first "Vote to List" voting has ended, with the BNB chain project BANANAS31 ranking first with 19.4% of the votes, followed by the WHY project with 18.8%, attracting a total of 185,436 votes, while Binance has listed JELLYJELLY/USDT perpetual contracts with up to 50x leverage and MAVIA/USDT perpetual contracts with up to 25x leverage, and will delist GALA/BNB and PERP/BTC trading pairs on March 28.
- OKX has listed JELLYJELLY/USDT perpetual contracts with up to 20x leverage.
- Bitget PoolX and CandyBomb have listed Particle Network (PARTI) with a total prize pool of 520,000 PART tokens, while Bitget Wallet Champion Beta offers successful participants 40% trading fee rebates, and Bitget has also become the sponsor of professional driver Flávio Sampaio for the "2025 Porsche Cup Brasil."
- Bybit will list CORN (CORN) on March 28.
Industry landscape
- The US Senate has voted 70-28 to pass a motion repealing the IRS DeFi broker rule, which aimed to expand existing IRS reporting requirements to crypto.
- Taiwan Financial Supervisory Commission has released the draft "Virtual Asset Service Act," which will undergo a 60-day public consultation.
- Enterprise-level loyalty platform Superlogic has raised $13.7 million in a Series A funding round, led by Powerledger.
- The Financial Intelligence Unit (FIU) of South Korea announced that starting from March 25, it will implement domestic access restrictions on the Google Play platform applications of 17 overseas virtual asset service providers (VASP) that aren’t registered in South Korea, including KuCoin and MEXC.
- Crypto venture capital Hack VC has launched a group on the crypto angel investment platform Echo to support community fundraising rounds.
Emerging projects
Other opportunities
On-chain DeFi mining yield products:
Risk: Investors should proceed with caution and conduct their research.
Disclaimer
The development and market cap of stablecoins mentioned in the above content are speculative and based on market analysis at the time of writing and should not be interpreted as guaranteed outcomes. Market conditions can fluctuate widely and unpredictably due to numerous factors such as regulatory changes, market demand, and global economic developments.
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